All Forum Posts by: Account Closed

Thank you @Ashish Acharya and @Account Closed!

I'm looking for an accountant/advisor who specializes in real estate investing. I have a CPA for my primary business but need someone with real estate experience. I live in Montana and have a few out of state SFR and would like to increase my real estate portfolio. Thank you, Kathy

Looking for a good tax strategist. Either an accountant specializing in real estate or tax attorney specializing in real estate

@Account Closed Yes, this all stems from a major hail storm that damaged a whole neighborhood back in Sept 2023. We opened insurance claims and received insurance checks in 2023, had the roof, fence, AC, windows replaced with partial payments done in Dec 2023 and the bulk of contractors paid in 2024. 

In terms of insurance checks & repairs payments, it was a wash, probably even a loss because we had high deductibles and the insurance didn't pay for everything we had to repair. So, from that perspective, I like the idea of "involuntary conversion provisions" to not have to deal with increased "income" in 2023 (because of the insurance payments) and huge "expenses" in 2024 (because of paying the contractors).

I thought that has nothing to do with CSS, partial dispositions, having to "retire" the old assets and start tracking the depreciation of the new assets (after all, the CSS allocated 5K to the old roof covering, and we paid 18K+ for the new roof). Especially, if 10-15 years down the road we need to change the roof again. 

So, my question is using "involuntary conversion provisions" prevents you from doing partial disposition, recognizing a loss for remaining depreciation on the old roof, and depreciating the new roof?

 You're absolutely right, thank you for your valuable insight!

Is it better to use "involuntary conversion provisions to take a deferral of the gain on the loss of the previous roof assets and continuing depreciating the prior assets as is"?

And if we do that, "there is not an option to both do a partial disposition on the prior roof and not recognize income on the insurance proceeds"?

@Account Closed @Julio Gonzalez @Andrew Abeyta @Jason Watson - please advise. Thank you!

@Calvin Thomas

I think people need to realize BP (I believe this is the case) does not refer anyone. Its has paid sponsors. Big difference

It’s like seeing an ad pop up on google that says Google sponsored ad - it doesn’t mean Google recommends them it means they are paying Google

The same holds true for self directed ira custodians and others who may have on their website some names “sponsors” - a sponsor is

an organization that pays a fee in return for advertising. I see people blaming the custodian for their bad investment because they had someone on their website.

Fair warning BP friends. I leveraged the BP site to get referrals on tax services now that my portfolio is growing (4 properties). I was connected to 1800 Accountant (they said they were a partner of BP). Sounds like decent services, but it's a high pressure sales job (like when the window & door guy comes to your house and wont leave until you sign). They might be great, but we were only 9 minutes in before the conversations turned to "what credit card are you going to use." Every question I asked was answered with "once you pay, you can talk to a certified accountant." 

I need a partner to help me with tax strategy - and these guys feel like a boiler room.

Admins - sorry if this post needs to go somewhere else on the site, but I wanted to provide feedback and let you know that this team is saying they are "partners with BP" and behaving like this. Let me know if I need to move it or send to your "Build your team" team.

Dave